Business Management

             Since there are various types of generic organizational strategies,
             firm performance measures and reward practices, the article begins with a
             review of the relevant literature on these subjects. In addition, the
             potential relationship between generic strategies and organizational
             performance is also reviewed, post which the conclusions reached by the
             authors is described: (1) Porter's generic strategies of cost leadership,
             product differentiation, and focus remain the most commonly supported; (2)
             While some studies conclude that only pure' strategies of cost
             minimization or differentiation result in superior performance, other
             research findings indicate that combination strategies (i.e. low cost and
             differentiation) are optimal; (3) There is a substantial body of research
             that typically suggests that human resource practices and the reward system
             should be aligned to motivate employee performance that is consistent with
             organizational strategy. However, the existing research is largely
             theoretical and therefore, empirical exploration of these assertions is
             necessary; (4) An industry comparison approach must be used when making
             assessments of firm performance and include organizations from a wide
             variety of industries. Such an approach will help determine how a firm
             compares with its industry competitors as well as minimize the effect of
             environmental factors such as an economic downturn.
             Based on the above conclusions, the research study was designed on
             the a priori hypotheses that specific reward practices that logically
             supported each of Porter's generic strategies would lead to higher levels
             of employee motivation and organizational performance. For example, it was
             hypothesized that a firm that followed Porter's product differentiation
             strategy and used specific reward practices that encouraged individuals to
             innovate, develop new products or enhance existing ones will...

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Business Management. (1969, December 31). In MegaEssays.com. Retrieved 12:50, November 15, 2024, from https://www.megaessays.com/viewpaper/201667.html